BUSINESS MODEL INNOVATION FOR VIETNAM'S TRADITIONAL WATER PUPPETRY: A CASE STUDY OF THANG LONG WATER PUPPET THEATRE

This study explores the business model of the Thang Long Water Puppet Theatre in Vietnam, employing the Business Model Canvas framework and theories of cultural innovation ecosystems and business model innovation. While water puppetry is a unique intangible cultural heritage, its commercialization and sustainability remain limited due to structural and strategic challenges. Using a qualitative case study approach, the research analyzes the Theatre's current value creation, value delivery, and value capture mechanisms. Findings reveal five key limitations in the Theatre's business model: dependence on traditional revenue streams, limited digital and e-commerce integration, underdeveloped customer segmentation, insufficient stakeholder collaboration, and lack of adaptive innovation. Based on the analysis, the study proposes recommendations for redesigning the business model towards more sustainable, digitally integrated, and market-responsive operations. The paper contributes to the literature on the development of the creative industry and the innovation of heritage-based business models.